S&P 500 (SPY) Report – 12/01/22

Good morning traders!

The S&P 500 ($SPY) is trading above yesterday’s close. Let’s get into it…

Yesterday, Fed Chairman Jerome Powell spoke on the U.S. economy and inflation and said “My colleagues and I are acutely aware that high inflation is imposing significant hardship, straining budgets and shrinking what paychecks will buy. This is especially painful for those least able to meet the higher costs of essentials like food, housing, and transportation. Price stability is the responsibility of the Federal Reserve and serves as the bedrock of our economy. Without price stability, the economy does not work for anyone.” Powell stated with inflation that, “The truth is that the path ahead for inflation remains highly uncertain. For now, let’s put aside the forecasts and look instead to the macroeconomic conditions we think we need to see to bring inflation down to 2 percent over time.”

According to Powell, smaller interest rate rises are anticipated to occur as soon as December. “Monetary policy affects the economy and inflation with uncertain lags, and the full effects of our rapid tightening so far are yet to be felt. Thus, it makes sense to moderate the pace of our rate increases as we approach the level of restraint that will be sufficient to bring inflation down. The time for moderating the pace of rate increases may come as soon as the December meeting. We will stay the course until the job is done.”

In the news, Elon Musk met with Apple’s CEO Tim Cook, and resolved the misunderstanding about Twitter potentially being removed from the App Store. According to Elon, they had a good conversation in which Musk tweeted “Tim was clear that Apple never considered doing so.” 

Potential Intraday Resistance Levels:
9/13/22 High of Day: $415.02
Pre-Market High: $409.74

Potential Intraday Support Levels:
Market Close: $407.68
11/15/22 High of Day: $403.54

Note: Moving averages are reported from the previous trading session and will change during the next trading session. 

Thursday Economic Events:
Challenger Job Cut 7:30am ET
Jobless Claims 8:30am ET – High Volatility Expected
Personal Income and Outlays 8:30am ET
PMI Mfg Final 9:45am ET
ISM Mfg Index 10:00am ET – High Volatility Expected
Construction Spending 10:00am ET
EIA Natural Gas Report 10:30am ET

Fed Speaker Scheduled:
Lorie Logan 9:25am ET
Loretta Mester 9:30am ET
Neel Kashkari 11:00am ET
Michael Barr 3:00pm ET

DailyBubble’s Disclaimer
This article provided by the DailyBubble team should only be considered as informational and/or entertainment by the reader. DailyBubble makes no representation to buy or sell any security or financial instrument within the article. Readers seeking investment advice should seek independent financial advice from a professional, and independently research and verify. The DailyBubble team wrote this article and may express its own opinions therein.